Asset manager St. James Place is looking for a new chief executive to replace current president Andrew Croft, according to media reports.
According to Sky News, SJP has begun working with Russell Reynolds Associates, an advisory firm for the FTSE100.
A spokesperson for St James’ Place told Financial Planning Today: “As part of long-term succession planning, the board engages regularly with search firms to assess and monitor the market. This is in line with corporate governance best practices.”
Croft has been with the company for a long time, first joining the company in 1993, 30 years ago.
He was appointed Chief Financial Officer in 2004 and remained in that position until 2017.
He was then promoted to Chief Executive Officer in 2018.
Sky News said the search for a successor and subsequent transition could take a year or more to complete.
Wealth managers reported disappointing first-quarter results last month, with net inflows down 31% and gross inflows down 11% compared to the same period in 2022.
Croft said he had a “good quarter” this year and expects net flows and funds under management to increase as the year progresses. “
“Having started 2023 largely as expected, we remain hopeful that if macroeconomic indicators and consumer sentiment show signs of further recovery, it will create a more supportive environment for new business as 2023 unfolds,” he said. there is,” he said.
Funds under management increased slightly by 1.6% to £151.2bn.
In March it was revealed that Mr Croft would receive a base salary increase of nearly £30,000 a year.
His base salary increased by 5% from £590,947 to £620,494, according to the asset manager’s annual and financial statements.
Mr Croft’s total compensation last year fell slightly to £3,115m from £3,141m the year before, mainly due to a reduction in bonuses.